The Northern Territory government has announced a $3m grant to kickstart a rental subsidy scheme catered towards local key workers.
The grant will be provided to Venture Housing Company, which will, in turn, establish and administer the new private rental subsidy scheme called Rent Choice.
Under Rent Choice, eligible key workers can secure their own private rental housing and receive a maximum rental subsidy of $12,000 for up to twelve months, which will depend on their income, household size, and rental location.
The scheme will be available for key workers in Greater Darwin, Palmerston, Katherine, Tennant Creek, and Alice Springs.
Workers in the following industries will be prioritised for the scheme: health, nursing, and human services; hospitality; automotive; transport and logistics; and construction.
Minister for Territory Families and Urban Housing Kate Worden said the scheme will help stimulate economy by allowing many households to enjoy higher disposable incomes.
“The rental subsidy will assist our low to medium income owners be able to afford a rental property of their own, which means they can continue working and sending their children to school, without having to worry about needing to move again,” she said.
Furthermore, the scheme will not only boost the workforce but will also encourage business activity in the territory.
“Securing affordable homes that are ready to go will benefit our economy, by attracting more workers to help industry grow and keep business ticking over and unlocking,” she said.
ACT expands stamp-duty exemption
The ACT Government revised its previous stamp-duty exemption rules for off-the-plan purchases, increasing the price cap from $500,000 to $600,000.
With the change, off-the plan buyers can save as much as $15,720.
The new duty-free threshold will take effect starting 1 April and the government pledged to make annual review of the concession.
Andrew Barr, chief minister of the ACT, said this move is part of the government’s efforts to ease the struggles of finding a home among first-timers.
“The Government is continuing to remove inefficient taxes on properties at the entry level of the housing market to make it easier for Canberrans to purchase their first home or downsize to a property that better suits their needs,” he said.
“These tax incentives are also designed to encourage an increased supply of new properties below the duty threshold.”
In July last year, the ACT government also announced stamp-duty cuts across a range of property purchases in the territory. For instance, the duty on any owner-occupier purchase between $200,000 and $450,000 will be $1,040 lower in 2021-22 than in 2020-21.
Photo by @themortz on Unsplash
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